Photo: Leeann Cafferata/Flickr
There were 3,286 MLS home sales last month across Greater Vancouver, a 14 per cent increase compared to the number of transactions in May 2013. But despite the year-over-year pickup, sales were still 6.5 per cent below the 10-year average for the month.
The said, May was the first month since June 2011 that the sales-to-active-listings rose above 20 per cent (20.4 per cent). REBGV president Ray Harris said this shows there’s more homebuyer demand today than at any point over the last three years.
“With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active
marketplace we’ve seen since the spring of 2011,” Harris said.
The benchmark price for all residential properties in the metro region ended the month at $624,000, a 4.3 per cent increase from May 2013.
But, as always, prices vary significantly among the many diverse markets that make up Greater Vancouver. To illustrate that point, here’s a chart showing the benchmark price of a single-family home across nine Vancouver-area markets.
Other report highlights
- The benchmark price of a condo in East Burnaby rose 9.4% year-over-year to end the month at $409,700
- The benchmark price of a condo in Whistler has fallen -50.6% from where it was in May 2009
- West Vancouver had the highest benchmark price for all housing types in any region, hitting $1,673,800 in May
- The benchmark price of a townhouse on the East Side of Vancouver hit $527,200 in May, a 3.4% increase from April
REBGV’s complete May housing report can be seen here.